Bullish (BLSH)
NYSE:BLSH
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Bullish
(NYSE:BLSH)
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Rating:50Neutral
Price Target:
$30.00
▼(-31.05% Downside)
Action:Reiterated
Date:01/31/26
The score is held back primarily by weak financial quality (profitability and operating cash flow) and bearish technical trend (price below major moving averages with negative MACD). The latest earnings call provides a meaningful positive offset via record adjusted results and strong early growth initiatives, but near-term risks remain given flat Q4 SS&O guidance and U.S. onboarding friction.
Positive Factors
Rapid revenue growth and improving EBITDA
Sustained, high single‑quarter revenue and EBITDA records indicate strong product-market fit across trading, liquidity services and options. Durable top-line scale improves ability to invest in infrastructure and product development, and creates room to convert growth into sustainable profits over time.
Negative Factors
Negative operating cash flow
Persistent negative operating cash flow signals that core operations are not yet self‑funding, raising reliance on external capital. Over months to years this constrains reinvestment, increases dilution or leverage risk, and makes sustained product and market expansion dependent on financing availability.
Read all positive and negative factors
Positive Factors
Negative Factors
Rapid revenue growth and improving EBITDA
Sustained, high single‑quarter revenue and EBITDA records indicate strong product-market fit across trading, liquidity services and options. Durable top-line scale improves ability to invest in infrastructure and product development, and creates room to convert growth into sustainable profits over time.
Read all positive factors
Bullish (BLSH) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$5.38B
Dividend YieldN/A
Average Volume (3M)1.33M
Price to Earnings (P/E)―
Beta (1Y)1.82
Revenue GrowthN/A
EPS GrowthN/A
CountryUS
Employees400
SectorTechnology
Sector Strength88
IndustrySoftware - Infrastructure
Share Statistics
EPS (TTM)-6.59
Shares Outstanding150,302,220
10 Day Avg. Volume1,602,113
30 Day Avg. Volume1,329,221
Financial Highlights & Ratios
PEG Ratio<0.01
Price to Book (P/B)1.50
Price to Sales (P/S)0.02
P/FCF Ratio0.00
Enterprise Value/Market Cap1.09
Enterprise Value/Revenue0.03
Enterprise Value/Gross Profit129.79
Enterprise Value/Ebitda-13.10
Forecast
1Y Price Target
$51.58Price Target Upside18.56% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering6
EPS Forecast (FY)0.66
Revenue Forecast (FY)$382.95M
Bullish Business Overview & Revenue Model
Company Description
Bullish provides market infrastructure and information services in United States. It operates Bullish Exchange, a digital assets spot and derivatives exchange that integrates a central limit order book matching engine with automated market making ...
How the Company Makes Money
Bullish generates revenue through several key streams: transaction fees from trades executed on its platform, which are charged to users based on the volume of their trades. Additionally, Bullish may earn money through market-making activities, pr...
Bullish Earnings Call Summary
Earnings Call Date:May 14, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Sep 23, 2026
Earnings Call Sentiment Positive
The call presents multiple strong operational and strategic positives: robust year-over-year revenue growth (+49%), substantial margin expansion, clear exchange market-share gains (14% open interest in Bitcoin options), traffic and product validation at CoinDesk, and a transformational acquisition (Equiniti) that fills critical gaps for an end-to-end tokenization offering. Offsetting these are meaningful near-term headwinds: digital-asset price weakness, higher operating spend in 2026 (including one-time event and investment costs), temporary revenue impacts from contract exits, and deal execution/integration and leverage risks tied to the Equiniti transaction. Management reaffirmed 2026 pro-forma guidance and outlined medium-term targets, signaling confidence in the strategic plan while acknowledging short-term cost push and regulatory timing risks.Positive Updates
Strong Top-Line Growth
Total adjusted revenue of $92.8 million in Q1 2026, up ~49% year-over-year and slightly higher sequentially versus Q4 2025 despite digital-asset price weakness (Bitcoin down ~24% QoQ).
Negative Updates
Digital Asset Price Headwinds
Significant macro headwinds from digital-asset price declines: Bitcoin down ~24% quarter-over-quarter and many other assets down more, negatively affecting transaction and stablecoin-related revenues.
Read all updates
Q1-2026 Updates
Positive
Negative
Strong Top-Line Growth
Total adjusted revenue of $92.8 million in Q1 2026, up ~49% year-over-year and slightly higher sequentially versus Q4 2025 despite digital-asset price weakness (Bitcoin down ~24% QoQ).
Read all positive updates
Company Guidance
Bullish reaffirmed its full‑year 2026 guidance and provided combined-company targets: pre‑synergy adjusted total revenue of $1.25–$1.35 billion, adjusted EBITDA less CapEx of $490–$530 million, and adjusted net income of $270–$290 million; for Q1 they reported $92.8 million of adjusted revenue, $57.7 million of adjusted operating expense, $35.1 million of adjusted EBITDA (≈38% margin) and $20.3 million of adjusted net income ($0.13 per adjusted diluted share on ~151.2 million shares). Looking further out, management expects medium‑term annual revenue growth of ~6–8%, $25–$50 million of net cost reductions (including $25–$50 million of post‑close savings targeted after the expected January 2027 close of the $4.2 billion Equiniti deal), EBITDA less CapEx to grow by about $100 million per year, roughly $1 billion of free cash flow over the medium term, and an exit‑2029 EBITDA less CapEx margin of ~50%; they also cautioned that full‑year adjusted operating expense will sit between the midpoint and upper end of the prior range (with Q2 2026 the peak quarter of spend due to Consensus Miami and accelerated tokenization investments).Bullish Financial Statement Overview
Summary
Income Statement
45
Neutral
Balance Sheet
60
Neutral
Cash Flow
40
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 216.53B | 244.97B | 250.26B | 116.51B | 72.90B | 1.32B |
| Gross Profit | 45.04M | 74.08M | 5.28M | -21.67M | -6.55M | -1.04B |
| EBITDA | -446.11M | -725.85M | 131.65M | 1.31B | -4.12B | -1.27B |
| Net Income | -1.00B | -764.68M | 78.53M | 1.30B | -4.25B | -1.40B |
Balance Sheet | ||||||
| Total Assets | 3.32B | 3.96B | 3.05B | 1.80B | 3.41B | 7.46B |
| Cash, Cash Equivalents and Short-Term Investments | 359.69M | 508.88M | 250.36M | 367.67M | 1.41B | 1.23B |
| Total Debt | 507.10M | 601.46M | 543.07M | 440.40M | 14.13M | 6.50M |
| Total Liabilities | 620.85M | 658.17M | 646.75M | 522.23M | 1.52B | 1.34B |
| Stockholders Equity | 2.65B | 3.23B | 2.39B | 1.28B | 1.88B | 6.11B |
Cash Flow | ||||||
| Free Cash Flow | 44.79M | 0.00 | -33.69M | -127.63M | 193.64M | -455.26M |
| Operating Cash Flow | 47.53M | 0.00 | -29.98M | -126.67M | 194.93M | -120.95M |
| Investing Cash Flow | 39.24M | 0.00 | -45.08M | 3.92M | -1.29M | 1.50B |
| Financing Cash Flow | -13.63M | 0.00 | -980.00K | -1.21B | -7.73M | -340.36M |
Bullish Peers Comparison
UnderperformOutperform
Sector (61)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
61 Neutral | $37.18B | 12.37 | -10.20% | 1.83% | 8.50% | -7.62% | |
56 Neutral | $35.66M | 12.67 | 24.89% | ― | ― | ― | |
50 Neutral | $5.38B | -5.26 | -32.51% | ― | ― | ― | |
46 Neutral | $10.23M | -0.34 | -142.62% | ― | -5.59% | 99.16% | |
45 Neutral | $13.01M | -0.17 | -46.76% | ― | -15.97% | -441.51% | |
41 Neutral | $141.03K | ― | ― | ― | ― | ― |
* Technology Sector Average
BLSH
Bullish
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-53.22%
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.